Endowment misselling settlement and mortgage questions

silvercar

can I just add that you should make sure you have alternative life cover in place before the sale goes through.

witchypoo

Thanks for your posts, they've reassured me somewhat. Still a bit nervous about asking them to increase - not sure how I will ask but will try! Obviously I would like more.

I'm onto the life cover thanks, not looked properly but it's on my mind to sort out now.

Anyone else with any words of wisdom care to chip in?

camstop

My best "firm" offer was with 1st Policy but most of them will call you to see if you want to go with them or ask what others are offering over the next couple of weeks.

I don't remember what happened when i called the number to see if they could beat other quotes but it couldn't have been any better then 1st Policy's offer.

If i was doing it again i'd give it a couple of more days then call the "firm offers" and try and bump the price up.

Whatever happens you'll be around £1500 up on the surrender value :T

witchypoo

Yes! I'm excited and a bit scared. I just checked my last annual statement and as we are on their Base Mortgage Rate mortgage it clearly states that it is fully flexible and recommends making overpayments at no extra charge and obviously reduced interest payments. So that saves me going along and asking them.

Thanks for sharing more of your experience, your input is greatly appreciated! I'll keep an eye on all these offers and hopefully within the next couple of weeks will arrive at a decision. :beer:

EdInvestor

I would avoid the traders who offer to find a buyer, only considering those which will buy direct.You can wait for months otherwise.

witchypoo

Will do - thanks EdInvestor. Do you reckon I should use Neville James' valuation of £15900 as my 'highest offer' but neglect to mention it's not a firm offer/not mention it's offer to find buyer?
I thought I could say £15900 is my highest offer so far and that I am going to be asking them to consider increasing their offer.

camstop

I'm not 100% sure but it think there are one or two company's linked on there but on saying that if they knew what each other were doing perhaps the offers would all be similar


I can't see any harm in quoting what you thought was right even if it turned out that you got a bit muddled with all the paper work and figures wasn't your thing ahem.


Whatever happens you've done well :beer:

witchypoo

Lol - yes I could play the 'ditzy woman' bit couldn't I
Thanks for the encouragement!

EdInvestor

There are three tiers of value for the policy (s/v 13,095)

1 Offer to buy direct at firm price now

14,546
14,225

2.Offer to put in auction

estimate: £14,981.67 to £15,315.00


3. offer to seek a buyer
estimate : £15,900.00


When is F&C's next auction?

You could consider accepting their buy offer, but on the basis they put it in the auction first to see if you can get more.

You never know, they might go for it.

I suspect you'll find that all the traders are well aware of the gaps between the different types of offers.

witchypoo

I'm going to ask them to put it in their auction with a reserve of £15,900 after fees and charges. There is no fee if it does not sell. I'll weigh it all up once I know how the auction does, there is one tomorrow I am going to see if they can fit ours in under oral instruction which they say they will do sometimes. If it does not sell I'll see whether F & C will increase their offer.

If no joy there I might ask Neville James to find a buyer - the woman from there rang me last night and said it takes generally 6 to 12 weeks.